How You Can Financially Survive After An Expensive Divorce

Monday, August 10, 2015, 6:00 AM | 5 Comments

Going through a divorce can be devastating emotionally for both spouses and can take several years to heal. The process can also be financially difficult due to the cost that is involved to file for divorce and build a new life for yourself.

To ensure that you can survive financially and get back on your feet, there are a few tips to follow to regain your standing.

How You Can Financially Survive After An Expensive Divorce

  • Create a Budget

    Now that you plan to live on your own, it’s important to create a new budget due to less income that you may be receiving.

    You’ll need to determine how much debt you need to repay each month or what you’ll be spending on groceries.

    You should also attempt to save a certain amount of money to begin building an emergency fund for unexpected bills. Don’t be afraid to change the budget as necessary in the future.

    A divorce can be a lengthy process that will involve different costs throughout each month or year.

  • Downsize Your Lifestyle

    One of the most difficult adjustments to make during divorce is downsizing your lifestyle to ensure that you can survive on your own in the first year or two.

    Make it a point to rent a small apartment, spend less on luxuries, and eat at home more to ensure that you can stick within your budget and don’t get into debt.

  • Talk to a Lawyer

    Hiring a lawyer like Jason Kohlmeyer can help make the divorce process more amicable to ensure that you get what you deserve when going your separate ways.

    Obtaining the services of a lawyer will allow you to obtain legal advice and even protect yourself from your former spouse during the divorce process.

    This will also avoid a prolonged process that can make your divorce more dramatic without the help of a mediator.

  • Pay Down Debts

    It’s important to pay down remaining debts from the marriage and to ensure that you can avoid interest rates in the future.

    This will also help you to qualify for credit cards after you’re divorced to rebuild your personal credit.

    You can also take advantage of store credit cards or simple loans for smaller types of consumer debt that can allow you to begin a new credit history.

When going through divorce, it’s important to create a financial plan that protects your money and ensures that you can survive after parting from your spouse.

Downsizing your lifestyle and paying down debts can increase your financial stability to ensure that you’re able to move on with your life and fully support yourself independently.

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  1. 5 Responses to “How You Can Financially Survive After An Expensive Divorce”

  2. By Audrey Blakeney on Aug 17, 2015, 1:12 pm | Reply

    Typically, the longer the divorce process, the more expensive it will cost, especially if you have several expensive assets to divide. Having a budget can be helpful for staying financially healthy, but I think a lawyer could likewise be helpful. A budget will help you recover, but a divorce lawyer should help protect you from losing money in the first place. Do you know if this is often the case with most lawyers, particularly when there aren’t children involved?

  3. By Correy Smith on Aug 18, 2015, 2:21 pm | Reply

    The first and fourth tips are the ones that sound about right to do. I’m guessing that it would be a good idea to start a budget and limit the amount of time you spend eating, traveling, and even on clothes. When a divorce case, will a family law attorney notify you of all the expenses to pay up after the case?

  4. By Silas Knight on Aug 10, 2016, 1:58 pm | Reply

    You have some great tips for surviving after a divorce. Although hiring a lawyer might not be the cheapest option, you will definitely save on a lot of stress and problems by hiring one. Plus, like you said, they can help avoid prolonging the process.
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  5. By Brian on Dec 5, 2016, 4:06 pm | Reply

    Great advice, divorce can be really tough, and it can be easy to lose track of finances which can really make everything worse. Thanks for sharing.
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